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tv   [untitled]    October 4, 2012 12:30am-1:00am EDT

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today i'm talking to north robert skidelsky he's a professor of political economy and also the biographer of john mayne arcanes widely considered to be the most influential economist of the twentieth century we'll be talking about what keynes could bring to today's economic crisis notes good else he first could you explain to me in layman's terms what the government is doing to mend the economy and why you think it's not working well i don't think they're doing very much to mend the economy i think that their policies of made things worse. the sad fact is that the british economy has been shrinking slowly almost for a year now rather like a very slowly leaking balloon and the government of been trying in one or two small
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ways to give it a bit of a stimulus but i think they're quite new initiatives and it's too early to say how much effect they'll have but in general i don't think they will have very much effect and so i don't think at the moment they're doing anything very much to help because there's an awful lot of talk about prioritizing the economy and it's the main thing that we have to work on but then on the same time you say that not very much is being done at all one thing is that they're blaming everyone but themselves first of all it was it was the euro crisis then it was the high high commodity rise in commodity prices and so they claim that the policy of a stir to should bring about the recovery but that it's been derailed by these unfortunate external shocks but the policy of a stir. is basically wrong when there is
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a lack of private sector demand when banks aren't lending when businesses don't want to borrow when people are. cutting down their spending because they want to reduce their debt when the government then adds to that sort of downward pressure on spending then it's no surprise that the economy isn't growing is does that come from an inherent misunderstanding of how economies actually work on the government's part so i do think it comes from a misunderstanding of how economies work you see i think the coalition came into office with a belief which was often expressed by george osborne that as soon as a spirit was seen to be working as soon as the government committed itself to a credible plan of deficit reduction everything else would perk up there'd be so much confidence that the economy would start growing again but that was wrong because it's real factors not just psychological factors psychological factors are very
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important but it's the real factors the real market that is available to businessmen that cause them to want to increase. their business and the government was shrinking the market by its policy so it could talk up the economy all it wanted but the policies were pointing in a different direction austerity we now know hits the poor significantly harder than it helps the writs presumably that means that during this recess and the gap between the rich and the poor will widen even further yeah that's that's already happening real real incomes have been going down because prices have been going up a bit and of course welfare benefits are being slashed. a lot of a lot there are lots of cuts in the public services and the rich are better able to insulate themselves against some of these effects for example house prices in
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london haven't gone down at all especially in the wealthy areas in fact they may be going up a bit so the worlds. of the wealthy has been well maintained but people who have relied on incomes from wages have been hit and of course there has been since the beginning of the. recession a very big rise in unemployment even more significant perhaps a very big rise in part time employment is happening jay graphically as well where rich regions get richer and poorer regions get poorer due to a strategy by the governments in which areas that do economically well will apparently be rewarded while areas that do economically badly will be left to kind of fester and degenerate what's the economic justification that well i think the government wants to back winners. and. and it believes that the winners come about through self. through through act the private private initiative
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sensually and so it wants to back back for strong and hope that that will encourage the weak but of course this gap between the regions has been longstanding and recently most of the world that's been generated in the last ten twenty years has been in southern england and so the gap between the north and the south which had been actually getting less in the mid medias of the century as a last century started to grow again and economists seem to almost universally to reject austerity and embrace advocate borrowing and spending instead why isn't the government doing that well i don't think you're right i don't think the majority of economists do i mean the majority of economists say that the government is right to in its in its budget budget deficit in its deficit reduction programs but it needs
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to do something else but what they don't explain is how doing something else can be made consistent with a reduction in government borrowing. you know government produces borrowing they say must reduce its borrowing then it's hard to know how it's going to do something else because unless the knesset raises taxes for example that may be an alternative but very few people are advocating that taxes should go up so they're in this sort of halfway position of more or less there's no alternative to a stereotype but sterrett isn't a growth policy therefore the government should do something else but when it when you actually ask the more what should it do they get all vague. i think they should cancel a lot of the. sterrett it policy i think they should cancel the cuts in capital spending particularly and because of that that those schemes were ready to run when
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the kurdish and took office and they have been put into cold storage they could be this is buildings building schools building building houses hospitals all these projects that were canceled because the government was cutting down its spending i think should be uncancel that i think they should be revived so you saying you've got to speculate to accumulate in a way not speculate spend you've got to spend because you see at the moment they're not meeting their deficit reduction targets they're not reducing the national debt in fact it's going up the whole time. and it and it's going up because the economy is going down the economy is what provides the government with its income and if the economy is shrinking the income of the government shrinks of the same type and therefore the deficit rises and something like that has been going on so the policy can't even succeed in its own terms one of your colleagues an economist called
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james keane has suggested a scheme that he calls quantities of easing for the public saying that the debt that private individuals have needs to be reduced under the scheme he says that cash should be issued to individuals and those with debt would have to use it to pay that debt down and those without it would have a cas injection it sounds like a great scheme and do you think it would work but well i've suggested this as well in an article in the new statesman last week yeah that's fine i mean if you put money in that into the hands of the people. and make sure they as you say spend it in one way or another. then i think that gives a boost to the economy because they can increase their spending and therefore set up a demand for shoes and clothes and. food and all the things that people spend money on and so that'll be good for business that's i think that's a good idea i actually suggested that the government give every household one
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hundred pound christmas present time limited so they need to do something with it can't just put it under the bed would that kind of policy be popular people were constantly hearing that there is no money now i think it would be popular i think everyone enjoys getting christmas presents and people really expect them from the government we've seen a year wide backlash against austerity what do you think prime minister david cameron's chances are being reelected if he continues if this territory continues if there's no change of policy if the measures that are now being proposed as small or as ineffective as one thinks they may be then i think his chances of winning the next election a very very small. because i think that there won't be a recovery his best chance of winning an election in two years' time is if there are proper green shoots of recovery and people can see them and they feel they're
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feeling better about the economy they're feeling better about their prospects they're feeling better go about getting jobs and feeling better about getting more income then i think he'll benefit from that and have a good chance of winning but i don't think anything like that is going to happen under present policy so i think their chances of losing must be very high it's a keynesian idea that capitalism is a way towards working less than having enough is the current economic crisis is a result of that so it's time that we fall off the rails well that was a very long run i mean that was a long run idea that keynes had that in the end a successful capitalism should enable people to work less. and enjoy life more and he thought hours of work over time. would shrink as we got richer but that assume that we wouldn't fall into these holes that you know that progress would be steady and you wouldn't have any more slumps but we're in we're
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in a slump we had the big collapse and at this point the priority is to get as many people back to work as possible and get as much production as you can because that full speed things along speed the road to utopia. so i think you mustn't confuse the short what needs to be done in the short run and our long run prospects one of the things that is the railed against this theory is this consumerism that we've all fallen under the spell of where we have to work more to buy more to have more are you worried that more crises will follow because of the way we work and because of what we're working for it's a very good question i think we are consumption mad society and in order to go on consuming we have to go on earning money by working and working harder than most people want to and getting into debt and then the whole machine is driven by
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advertising and that does create a problem it means that as technology reduces the number of jobs and yet we all under this impulsion to consume more and what how do we see things developing what should happen is that on the whole we should give up growth as the top priority. and make sure we have enough work sharing so that people can get work but not most people working forty or forty five or fifty hours a week and then another fifteen or twenty percent not working at all or only working very part time we need to sort of distribute work better among among among people. who want to work and also make sure there's more leisure so that people can pursue pursue things for their own sake do things that interest them.
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and that's the way forward otherwise we're all sort of treadmill and i think you're right they'll be more and more crises as a result of it. thank. you .
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russia would be soo much brighter if you move about songs from phones to impression . from start on t.v. dot com. the top stories in our c damascus pledges to find out who's behind the deadly shooting which can find in turkey as i'm proud he studies and see right in response it sounds a wake up call for international bodies to. be the us government charged eleven people would ask an arch for allegedly transferring secret military technology to moscow. the e.u. power center plans an increase to its own budget and the midst of the crisis despite austerity hit member states calling for brussels to control its appetite. and there's the headlines address here next to bring us the latest for you.
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hello there thanks for watching and these are the headlines boston's only lose three two to milan simply to spur go after a known goal condemns them to their second defeat in a row in the champions league. while russian premier league leaders angy look to keep up their own beating one in europe is they face with young boys in the europa league. and second to none tellus world number to maria sharapova and no doubt your garbage cruised through their respective matches in beijing. let's kick off though with the football ways and they suffered a cruel three two defeat at the hands of ac milan in the champions league last night and then go for the thomas who butcher and handing. italian's victory. suneet had battled back from two goals down after the strike. and steph and i share our way but record signing hope back in the first half stoppage time they shared
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a call then levelled soon after the break but with a quarter of an hour left how much your big chance them put through his own net to make it three two in milan. it leaves any bottom of group c. without a win top of their of their after a three nil demolition of anderlecht. but elsewhere christian are no christian renowned over the trick here gave rearm madrid a four one win over the dam the spanish side now lead the way ahead of goldman who had to settle for a one one draw with manchester city who equaliser the last minute penalty but despite the big win reality shows a marine who said it was difficult to break down frank the fourth side and it was quite legal. for two something for two or four to three if you go to. zero zero who could start the second off in the same way you. seem to do it with much was competitive and after the two one. could score due to. the sort of ball the game was. was open sourcing for and changing the. a little bit
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for the champions emerges. while asil have also made it two wins from two they've got a three one home for it to go allin p.r. cost of grace as you know lukas podolski and aaron ramsey scoring for the gunners top group they are to shout at them or pay a three one one and we're happy with the performance. this week one new game is a great result for we made it they were. very good. excellent so there may be cheerfulness. i think we improved. a little bit nervous after arms but overall. big spending perry send him and lost the porter one. with the only goal in the eighty minute and result in portuguese outfit top of the green anomic here. on three points after that single win over denali think greg. take center stage on thursday russian premier league
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leaders and. are preparing to take on young boys of byrne in the second game of the group stage sitting side a safe in europe and will be hoping to make home advantage count as market reports . six wins one draw and no losses that's how our. european track record read so far this season the d'agostini side have scored twelve goals and conceded only once late on it would elicit in their made in group game domestically n.z. have also won the last six games to put them top of the russian premier league for the first time but guus hiddink is not underestimating his next opponents we started reasonable well again is difficult to the nation but i know in at home it will be maybe even more difficult to get results not be an easy and easy game against a team with experience they have the experience in the past also in europe although
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teams are changing. but. they have they have some experienced players so we have a very difficult match tomorrow. the dutchman will have most of his players available. unless you know the road are likely to spearhead that attack despite this threat table side young boys will hope to get something out of the game they started their campaign with a fine three hundred feet to a youthful liverpool side and know another loss would leave their european dreams in tatters. if we don't get a result it will of course the scenario with zero points from two games is something we. to avoid at all costs we're here to get something at least to point out so it's paramount that we learn from the defensive mistakes we made against liverpool. young boys will go into that time having posted their highest domestic league winner of the season on sunday
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a six two home win over set of f c which should do no harm to their confidence and although their captain said his side were all too aware of the danger posed by angie's star studded team he's really looking forward to the challenge. it is good to be able to square up to such quality players to see how we. are really up for it is the most of challenge and i wouldn't say no to go home with a draw. so young boy's dream of reaching the knockout stages of the europa league could effectively end would defeat his evening was sitting side on the other hand are top of their domestic league and want to continue their good form hitting has hinted that he won't make many changes to the game against young boys but he may well be tempted to because following that game starts a long run of games which begins with on sunday michael tempo r.t. moscow. while group leaders liverpool welcome italians is not easy at anfield the english premier league side feel good and under strength side for their victory
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over young boys last time but manager brendan rodgers says star striker luis suarez and midfielder steven gerrard i likely to play some part or not. you know i always look to each. and pick a group in a team to win the game i'm sure. be a very strong team because players. and it was are the results. for obviously beaten ac milan and unbeaten in the last five games so we need to ensure we have a group strong enough to look to win the game. but those players will be involved. standing grief page russian side being taken part is on belgrade the. last time out against into italians take on the chief and has a vision and i think. another football. and they feel that alan there's a core of has been handed a five match ban by the football union the twenty two year old was suspended
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following his second red card in the tenth match of the season sunday's to be defeated. the twenty five cap russia star for straight a straight red in the fifty eighth minute after hitting the nominees luke will share in the face when the army when already stand. hockey where it anonymous go have extended their winning straight to four matches with a victory over artie's are to go dance form of the game for us in the russian capital. it was a highly anticipated fixture do now in other words have won three of the last four going cups in the cage show and see it on top of the western eastern conference is respectively for boston was also a chance for revenge but to lose into the most people it's just last week in the rebuilding of charges completely dominated the first period that dunn is or even of becoming a major threat for the opposition but these efforts want to know if to break the
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deadlock rather unfortunately for a divorce as it was denied to produce the opening goal soon after the break. between keeper constantine barry lynn from close range from this point fence at the mega support their inner enjoyed an open game with loss of goal scoring opportunities. and xander read america to the mark to say the least and there was a little surprised in both goalies who are named the team's best players at the end of the night but before the mostly whites who are able to find the net for a second time defender younger yellow smaller get into the school shit after a decent their first wrinkle xander ovechkin and. coming away with. although he says his personal statistics but never to be important as long as his team keeps winning. i have been given a lot of support from players and coaching staff their true housemate to get back into europe and as for my personal good form and i'm quite satisfied with it as
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long as dinamo in the game if you score a lot but your team loses you can be really happy about that on that basis he is a happy man at the moment since his return to deny they won five of their last six games in the majority of the season still to fully the surely a lot more to expect to move h.q. company. thirty more school over to tennis now russia's world number two maria sharapova is safely through to the third round of the china open it was a comfortable straight sets win for the second say they remain in her honesty here in beijing of the dominated her service games and save the only break points in face to win sixty six to max's polonia so after the civil war be rushing pattering in and out of a third seed a nice get a chance overcame an almighty skellies in the first set and coming from three to down in the third to beat spain's lord is dominguez lino the pole is now in the
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line to play local star late in the quarter finals. while in the men's draw there was a very tame win for top seed novak djokovic the serbian was just too strong for argentina scholars belloc fiftieth in the world and wrapped up a straight sets win in an hour and a quarter djokovic is in search of his third title in beijing after winning on both of his previous attempts in two thousand and nine and twenty ten and whiting in the last eight is here in meltzer after the austrian loss it alexander the goal of ukraine. and we feel we will finish with some football because an amazing goal flew in recently in under seventeen's match in moldova the serbia gave team slotted home on a new. goal after no fewer than three of their prized let the ball run through their legs dummies are worth a closer look and the rear of each finishing off this spectacular corner of that great teamwork they also went. for no. one from the training ground i
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